He further clarified that Binance Jersey is an independent entity from its parent Binance.com, a crypto-to-crypto exchange, but is built using the same technology.

Binance Jersey is “hiring and will continue to hire” staff for different functions, including compliance, Wei said.

The exchange has been working with government-backed economic development agency Digital Jersey to develop the exchange, with the aim being to create around 40 jobs on the island.

Binance first partnered with the agency in June 2018. Changpeng Zhao, Binance CEO had said at the time, “With its local economy based on a major currency (GBP), and its close proximity to the U.K. and western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”